Data on participant behaviors can help shape benefits strategies
How are employees using their workplace financial benefits? Are they participating? Are they optimizing all accounts and resources available to them? Our Financial Life Benefits® Impact Reports track participant behavior trends, as well as plan sponsor adoption of new plan design features and services, within our proprietary 401(k)1, Health Savings Accounts (HSA)2, equity1, and employee banking2 and investing1 programs. This data provides insights that help us better support you and your employees with meaningful financial wellness and holistic benefits programs. Let’s take a look at some highlights from this year’s reports.
- Download each of the reports using the links above.
- Talk with your Bank of America representative about these trends and how they might help inform your workplace benefits strategies.
1 Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.
2 Bank products are available from Bank of America, N.A., and affiliated banks.
The 2023 Financial Life Benefits® Impact Reports monitor plan participants’ behavior and sponsors’ adoption of new plan design features and services in our proprietary employee benefits programs, which serve more than 25,000 companies and more than 6 million employees as of December 31, 2022. All data is derived from Bank of America Retirement and Benefit Plan Services platform unless otherwise noted (as of December 31, 2022). Comparisons to 2021 reference data derived from Bank of America Retirement and Benefit Plan Services equity data platform as of December 31, 2021.